Can I obtain my property if I filed for bankruptcy? 15 Answers as of June 06, 2011

I filed bankruptcy 2yrs. ago because I wasn't able to pay my jet ski. My case went good everything got discharged but the jet ski hasn't been pick up I still have it but I don't know what to do with it, does it belong to me? Or what, who is responsible to pick it up?

Well, the bankruptcy discharged your personal liability on loan for the jet ski, but the bank still holds a lien on the title. The bank should come and pick it up. Otherwise you could probably contact the bank to enter a settlement with them to release the lien so you can keep the jet ski.

This happens quite frequently. You can reopen the bankruptcy and file a motion to redeem it for some nominal sum. Then you would own it. However, as long as it is registered and insured, there is no reason why you can't use it now.

Did one of your creditors have a lien against the jetski (i.e. was it a secured debt)? If so, they will continue to have a lien against it and can repossess it in accordance with your state's laws. Whether they will or not is another story altogether, but you can certainly use it until they do.

When a creditor has a security interest in property you don't own it free and clear after receiving a discharge. If the creditor hasn't contacted you about picking it up or you turning it in, the possibility is that the creditor has no intention to do so. However, if the creditor intends to repossess you must give it up or be liable for the market value of the jet ski.

You should check with your bankruptcy attorney, but you probably agreed to surrender the jet ski back to the lien holder. Still, until they pick it up or make arrangements to get it from you, it is your property. So in the meantime...Happy Jet Skiing!

The jet ski belongs to you subject to the lien of the bank. Therefore, you cannot sell it. Just continue to enjoy it until the bank decides to pick it up. The bank might never pick it up since the cost of doing that and selling it might not be worth it. You might want to contact the bank and offer some money to have the lien released. The bank is responsible for picking it up at your home.

Ask a Local Attorney

Disclaimer: The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or should be formed by use of the site. The attorney listings on the site are paid attorney advertisements. Your access of/to and use of this site is subject to additional Supplemental Terms.